Okay - back up the truck here -
We're talking 2 or 3
different things here - Bosch grease on the ignition & trigger points (obviously not on electronic triggers), light machine oil on the felt, & lastly - no -
not grease in the mini-gun for the gears - but a
light gear oil so it has some cling to stay & work into the gears during break-in.
Lumps of grease in the oil system would sure muck something up!
If you pull it out as noted above, then you can lube the gear on the dizzy bit, but not on those gears driving it inside the case. If you're doing a full rebuild with the case open, then you can certainly oil them with motor oil of the same or slightly higher viscosity (again to cling there until it "runs in"), but maybe an Orangutan has fingers long enough to do it through the dizzy port, & up to 50 wt. motor oil will mostly just run off (as it's formulated to do). So sticking 60-70 wt gear oil in a small lube gun with a 6" or so hose makes it easier to reash where it needs to be.
But yes - pre-lube on assembly with like kind lubricant as you were taught.
Other reasons to pull the dizzy other than O-ring replacement:
1. Bad Dizzy
2. Worn gears, shaft, engaging teeth, etc.
3. Easier to replace the Vacuum Advance unit with the top part out (no need to pull the gear).
4. Full engine rebuild - stock or modified
5. You're doing a full resto & don't want to clean everything in place
... maybe some more reasons.